President-elect Donald Trump announced over the weekend that he will not stand for BRICS nations attempting to undermine the U.S. dollar, and said he will levy tariffs of 100% against any countries that consider alternative currencies.
“The idea that the BRICS countries are trying to move away from the dollar while we stand by and watch is OVER,” Trump posted to social media on Saturday.
Trump continued the strict rhetoric, telling the countries they can “go find another sucker.
“We require a commitment from these countries that they will neither create a new BRICS currency nor back any other currency to replace the mighty U.S. dollar or they will face 100% tariffs and should expect to say goodbye to selling into the wonderful U.S. economy.”
In reaction to Trump’s statements, gold has risen slightly heading into early Monday trading, with prices hovering in the $2,650 range and silver near $30.50 an ounce.
BRICS — the acronym for an economic alliance formed by Brazil, Russia, India, China and South Africa — has shown interest through member country politicians in expressing the need for an alternative currency.
During a recent conference of the alliance, Russian President Vladimir Putin said that a new currency is being considered to rival the dollar’s world currency status.
Some experts have suggested Trump’s strategy of threatening tariffs against countries to garner submission are likely just that — threats.
“My general view is that at the end of the day, he’s a free trader,” said incoming Treasury Secretary Scott Bessent. “It’s escalate to de-escalate.”
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